3) Rima started her own consulting firm, "X" Consulting, on May 1, 2020. The following transactions occurred during the month of May. May 1 Rima invested $20,000 cash in the business. 2 Purchased Equipment $1000 on credit for the month. 3 Purchased $500 of supplies on account 5 Paid $225 to advertise in the Mountie News. 9 Received $6,000 cash for services provided. 12 Drawings $1,000 cash for personal use. 15 Performed $7,400 of services on account 17 Paid $2,500 for employee salaries. 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of $5,000 for services provided on account on May 15. 26 Borrowed $5,000 from the bank on a note payable. 29 Purchased office equipment for $5,200 in cash. 30 Paid $500 for utilities. Instructions (a) Show the effects of the previous transactions on the accounting equation using the following (Tabular Form) (b) Prepare for the Income Statement and Owner's equity statement